News

Your Funds Are Safe at Liberty FCU

On Friday, March 10, 2023, Federal Regulators shut down Silicon Valley Bank (SVB) due to its lack of liquidity. SVB had a structure very different than traditional financial institutions as it was a key player in the tech and venture capital community. Closely connected with SVB, regulators also closed Signature Bank, on Sunday, March 12, 2023. Signature Bank provided banking services to real estate companies, law firms, and cryptocurrency companies. All depositors of both institutions will have access to and receive their full deposits, and losses will not be borne by taxpayers, according to regulators.

Liberty Federal Credit Union (LFCU) members should know that our credit union is a safe place to save money. LFCU has sound financial policies and receives high rankings annually from regulators for safety and soundness practices and management of risk. Deposits at LFCU are protected by the National Credit Union Share Insurance Fund and insured up to at least $250,000 per individual depositor—the same as any other federally insured financial institution. That means that Liberty Federal Credit Union is backed by the full faith and credit of the U.S. government. LFCU is well capitalized and in solid financial position to meet the saving and borrowing needs of its members.

Additionally, we encourage everyone to be aware that scams related to the SVB shutdown have already been reported, as criminals try to alarm consumers in an effort to gain access to their financial accounts. In this sophisticated scam, the criminals are communicating that a bank or credit union is under Federal Bureau of Investigation (FBI) review and the person needs to take out their cash from their bank/credit union or risk losing it. Please be aware of suspicious calls or emails at all times.